World Finance

World Finance

June 06, 2017 07:01 ET

World Finance Digital Banking Awards 2017 to find who is ready for the future

LONDON, ENGLAND--(Marketwired - June 6, 2017) - For far too long, many banks have relied on their inertia to attract new customers. While brand recognition and size may have once been enough, the growing generation of 'digital natives' demand more from their lenders. If banks don't act quickly, digital-first businesses are set to steal away customers while eating away at profits. To recognise the institutions that are prepared for this future, World Finance is now accepting nominations for the 2017 Digital Banking Awards.

The smartphone has prompted a revolution in banking. The average person now has access to all of their accounts, portfolios and financial institutions every second of every day, giving them greater control over their money than ever before. Many will never see the inside of a retail branch. As digital-only banks like Atom have proven, an app is more than enough.

This has made competition between banks fiercer than ever, with customers now spoilt for choice while profits are placed under pressure. According to a recent study by McKinsey titled A Brave New World for Global Banking, banks in the UK and Europe are at risk of losing $35bn in profits thanks to digitalisation.

Though this competition is not just coming from banks. Given their expertise in the field, it may only be a matter of time before tech firms see financial services as their next target of disruption. A recent survey by Muelsoft found that almost a third of UK consumers would consider using Amazon, Google, Facebook or Apple for banking services if they offered them.

Banks need to do more than just improve their digital services in order to compete; greater transparency and an improved reputation are also necessary to survive these new challenges. Making sure that using an app or webpage is just as easy as walking into a branch is also an imperative. For some banks, partnering with a tech firm may be the better option to competing.

World Finance's Digital Banking Awards 2017 are looking to showcase the banks that are embracing change, demonstrating innovation and placing their digital experiences front and center. The providers who are leading the industry are the ones that will not just survive this shift, but thrive amid the surge in competition. With nominations now open, World Finance's panel of experts is working with readers to find who is best prepared for the future across a number of categories.

World News Media is a leading publisher of quality financial and business magazines, enjoying a global distribution network that includes subscriber lists of prominent and senior decision-makers around the world.

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